Nanoco Group PLC on Friday said it signed a statement of work with ‘significant’ joint development activities with STMicroelectronics NV, a European electronics customer.

Nanoco is a Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials, while STMIcroelectronics is a Geneva, Switzerland-based semiconductor manufacturer.

Nanoco said the statement of work ‘helps to underpin the Board’s expectations for non-license fee income in FY24, which are in line with FY23. The JDA is also expected to deliver additional sales of test materials during FY24 and FY25.’

Chief Executive Officer Brian Tenner said: ‘Further production orders received for first generation sensing materials will be in parallel with this JDA. ST’s commitment to developing a second generation material, emphasises Nanoco’s ability to be a robust partner in complex electronics supply chains.’

Nanoco shares rose 2.7% to 19.52 pence each on Friday morning in London, while STMicroelectronics shares were up 0.4% at €40.08 each in Milan.

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